It’s been a year since the Covid pandemic changed how we lived our lives. The housing market was one area that was greatly impacted, with many agents and sellers having to change how they showed their homes, and buyers being uncertain about buying because of the loss of jobs. We’ve had a year to get things on more stable ground, so how is the housing market looking a year on? Our team of the best local mortgage brokers is here to give you the figures.

 

Housing Market Update for Spring 2021

Mississauga and the Greater Toronto Area have seen both sales volume and prices rising. Which is positive news that we have all been wanting to hear. Toronto as a whole has an average sales price of $1.1M, up 8.7% from last month, up 18.7% since last quarter, and up 8.9% from this time last year. It’s a hot seller’s market for the area. Let’s look at Mississauga’s figures.

Mississauga seemed to be immune to the impact of the pandemic last year, seeing double-digit growth for 2020. In fact, the area saw a 16% rise in residential home prices with the average sales price at $880K, just under the average for all of Toronto.

Mississauga currently has an average selling price of $1.1M, which is up 8% from last month, up 21% from last quarter, and up 24.3% from this time last year. Inventory over the past 28 days is nearly 1,900 new listings coming on the market and just under 1,300 being sold. Homes spend an average of 9 days on the market with a selling to listing price ratio of 106%.

Detached homes, overall are up 26% from last month, with the exception being the larger 6 bedroom homes, which is down 38%. Townhomes are seeing an overall average that is up 17%, and condominiums are up 8% in sales prices.

Quite a few neighbourhoods in Mississauga are a hot seller’s market, for example, Lisgar, with an average sales price of $1.1M and homes selling for 88% over their asking price. 86% of the homes on the market have sold within 10 days. The same goes for Churchill Meadows, whose average sales price is currently $1.1M, with 86% of these homes selling above their listing price. Meadowvale currently has an average selling price of $872K, with 87% of these getting above their asking price.

On the other end of the spectrum, where there has been less activity, City Center has a current average sales price of $583K, up 5.6 from last month with 43% of these homes selling over the listing price and 43% sold under 10 days.

 

A Look Ahead

We’re only coming to the end of the first quarter of 2021 and the Mississauga market is looking impressive. Single-family homes have seen a 15.3% rise in sales price since this time last year, with the current average at $1.1M. Townhomes are also up 27.3%, with the average at $814K. The only area that hasn’t been as robust is condos/apartments, which is down 1.9% with an average sales price of $570K.

At the end of January, there was only 1 month of inventory for the area. Normally, for this time of year, it would be a 2 month supply. Experts feel that the Mississauga housing market will continue to be a hot seller’s market as we move forward this year. It’s likely that low inventory will continue to put upward pressure on home prices, and experts are predicting a further 4% rise, with the market being driven by move-up buyers and young couples. We also have to take into consideration that many professionals have gotten used to working remotely, and many families have been moving out of urban areas and into suburban areas where the home prices are lower. The historically low mortgage interest rates have also played a hand in things.

As borders and the economy re-open, we will have to keep an eye on how the housing market is impacted for the next 12 months. If you have questions about current interest rates and home prices, give the best local mortgage brokers a call today!